$22.00 Silver is here again!
ProofCollection
Posts: 6,117 ✭✭✭✭✭
As of this moment, Comex futures just hit $22.00. Congrats to all of those people who purchased much lower and haven't sold yet.
Edited to add:
Title change - $22.00!!!
Edited to add:
Title change - $22.00!!!
0
Comments
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>I thought gold peaked at around $1264 a couple months back, at the same time that silver peaked at $19.84. >>
No, the ATH for gold is $1266.50
Box of 20
Seems like the price of silver has gone down slightly to 19.84............I want to see if rise!
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I knew it would happen.
It probably will set back and make another 1-2 runs at it before the month is
over.
Camelot
Congratulations to all those who bought some for $21 in March of 2008....you're finally now at about the break even point. I'm sure that will be causing a number of weak hands who bought too high to finally bail out.
roadrunner
I bought some then. The solution - buy more now.
I knew it would happen.
I knew it would happen.
I bought some then. The solution - buy more now
Don't worry Jmski52, I'm in the same boat with ya. But I'm not bailing either.
roadrunner
3/17/08
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
I'll be there for you again fishcooker, on the opposite side of the trade. I'm in no hurry for a home run, but I feel one coming on anyhow.
I knew it would happen.
<< <i>a few more bucks and maybe its time to sell
if it's good for you, fine, but the direction of PM and economy would suggest a hold for some time. JMHO
<< <i>
if it's good for you, fine, but the direction of PM and economy would suggest a hold for some time. JMHO >>
Hard to argue with that. It seems that for the near future, at the least, it is a good time to have some insurance. This game might last for at least another whole year, at least for this inning, before we know how things are going to shake out. Things do seem to be coming to a head financially so we should get some more solid indication of the nature of our future fortunes. This gov seems hell bent on raking the populace for spare change but methinks that if they are checking the parking meters for quarters then things must not be too good and likely not going to turn around any time soon.
Seems that time now is best spent in condensing and enhancing the overall quality to the personal asset stash. The strategy might include objectives for the repositioned assets. Conspicuous objectives might include that the new assets should be used for both wealth preservation and for potential appreciation. Sort of like our current discussion on shedding the losers we've accumulated and use the proceeds to get more right-sized and right-positioned assets. These efforts should likely be pointed at a 12-14 month cycle from here...at least until just before 2012 and the next election cycle, that's when things should get testy.
I've been a small time but consistent metals maven since the early 80's and I'm reminded of all the people that held $8 silver for nearly 20 years. They were thinking and praying that it would go up like they said it would, heck, I had some too, for 20 years. Here we are again, lots of hype, lots of activity, lots of economic uncertainty coming from behind the marble columns of our hallowed halls, and pundits are a dime a dozen all of the sudden and every one of them is convinced that they know what to do...but this time folk are paying $20 for silver. Me, I'm stackin' but I'm not forgetting about $8 silver either and I sure don't want to get buried with $20 silver but it would be sweet to cash out at $40. Keep it liquid, keep it physical, keep it close, and don't be afraid to step away from it. Greed kills.
JMHO
Got Cash?
Besides the losers, I'm wondering how long I should hold the winners that have grown nice premiums. I keep hearing the siren song of plain vanilla bullion and cash.
These efforts should likely be pointed at a 12-14 month cycle from here...at least until just before 2012 and the next election cycle, that's when things should get testy.
A couple years of gridlock and stagnation will only serve to make people more frustrated than they already are. The debt isn't going to shrink any time soon, because the minute interest rates start to rise, so does the debt liability start to accelerate even more.
Watch your backside, because there will be alot more losers than winners in the next round.
I knew it would happen.
Yes, I'm for cash. Cash is good for daily expenses, a concept validated in our last survey here on the forum. Keeping tons of cash is not a necessary thing in my mind but $2000-$3000 seems to be a sufficient amount. My amazement is that few people have cash other than via access to ATMs. I like cash for when the electricity goes off at the grocery store and you have to do business face to face because none of the machines are working (that happens at least annually on the Gulf Coast), I also consider the possibility that there may be a time soon when cash could get locked down such as a bank situation ala the S&L problems in the 80's, like when some of the banks were shuttered. Even a small challenge to the daily business cycle and cash may be the only way to take care of things.
Consider the Chase situation last week where their website and bill paying capabilities went down for days, there are many scenarios like this where cash could just not be available via the ATM or the tellers and I anticipate that these situations could easily become more common. Consider a few bank holidays, what will people do, march in the streets yelling for cash...good luck with that, it won't buy you any Mickey D's or unleaded if the banks and their corner ATM's are all dark. I don't want to come off as alarmist, to me it's just part of the times we are about to be living in and about being as prepared as I can possibly be to take care of my family and those that depend on me in any situation. Interesting that my wife has recently converted to cash and she commented just today that she likes the freedom it gives her a lot. She also mentioned that she's much more conservative with here purchases when she's using her cash.
By far, the thing that concerns me the most is the utter reliance on the majority of our citizenry on electronic transactions for daily expenses. I'm kind of anti-herd, knowing that when the mullets are all swimming together, it's easy to gather them all up into a net. So if my affection for cash may seem a bit contrarian and archaic, it's because I believe that when you only have a magnetic strip on a piece of plastic to keep yourself taken care of then maybe you're overly trusting that the system will always function smoothly, to me that's a bit of a stretch.
The other nice thing about cash is that it's your cash, it's not on anyone's books, and it's nobody's business but yours, as it should be. Yet another interesting thing about cash is the attitudes, even on this forum, about cash. The talk that those that use cash are somehow tax dodgers or engaged in criminal activities or are unAmerican for not leaving a sufficient paper trail for the authorities. They just attach some kind of dirty epitath on use of cash and it puts honest people under a shadow of guilt; sad that people have evolved to that way of thinking but certainly a very herd like attidude.
By far the nicest thing about having some cash around is to be able to just reach in and grab some FRN's for a run to the coast or the mall or the hardware store or any of the ten thousand other things we use cash for without having to plan a stop to the ATM. It is very convenient to have cash and you don't have to go out in public and let people from various backgrounds watch you stash a wad of live bills in your pocket...that should be incentive enough for most folk to keep some cash around, at least in urban areas.
It might also be possible that having spent a few years as a totally cashless and quite destitute graduate student (to just have been poor would have been a big step up for me), that I just feel better having some cash around and I like using it, makes me feel secure, makes me feel confident about being able to take care of my family and grandchildren...maybe it's just me.
Got Cash?
It's more than just if the ATMs conk out. It's a 3 tiered system. You depend on electronic and checking until they fail, then you go to cash. You use cash while you are selling enough pms to keep you and your family in business.
And I do think that electronic and checking will fail - it's a matter of when.
I knew it would happen.
Box of 20
<< <i>This short opportunity is not as obvious as the last one, but who knows... at least consider the possibilities. >>
If history repeats itself, Silver will be around $17 by Christmas. But the question is, will it repeat itself this time around? Only time will tell. Sell on the highs, buy on the dips. Doesn't take a Rocket Scientist to guess what I'm doing now.
roadrunner
Successful Trades: Swampboy,
<< <i> I'll leave that to short specialists OPA and Cohodk. >>
You give me to much credit. I only deal with physical stuff & not with the paper stuff.
roadrunner
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<< <i>Might be time to take some off the table judging by all the "celebration" posts on this forum. >>
You should have seen all the selling when silver hit 20.20 and 20.50. People were ecstatic to get that price thinking
it was going back to 17.80.
Silver is heading to 26 easily imo.
<< <i>Cramer said October going to be a good month for silver~Booyah!
Someone posted in another thread, when Cramer is on board, maybe it is time to sell? i am not sure if they were joking though.
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<< <i>Might be time to take some off the table judging by all the "celebration" posts on this forum. >>
Agree. I'm expecting a correction due to profit taking.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Might be time to take some off the table judging by all the "celebration" posts on this forum. >>
You should have seen all the selling when silver hit 20.20 and 20.50. People were ecstatic to get that price thinking
it was going back to 17.80.
Silver is heading to 26 easily imo. >>
Not sure were you got your info from ... keep in mind the BST board is not a barometer of what goes on in the real world .... I for one, was still buying up to $20.09, and the US Mint still can't get enough silver to meet their demand. I suspect, once silver closes above $22.50, that may change & yes, a correction will come, as it always has in the past, but when least expected.